#美股2026展望 There was a pretty explosive scene recently—Trump publicly gave Treasury Secretary Bessent an ultimatum at the US-Saudi Investment Forum: “If you can’t get rate cuts done, you’re out.” Even more intense, before he finished, he immediately lashed out at Fed Chair Powell, stating directly, “I want him out now.” Commerce Secretary Lutnick nodded in agreement, while Bessent tried to smooth things over, saying, “He only has three months left anyway.” This public falling out has put the White House’s internal economic policy divisions squarely on display.

What’s even more subtle is the timing. The October nonfarm payroll data, which was supposed to be released, has been pushed to after the December FOMC meeting—which means the Fed will have to make decisions without key employment data. Meanwhile, Trump’s tariff policy continues to escalate. Goldman Sachs estimates that tariffs have already pushed up core personal consumption expenditures by 0.44%, and year-end inflation could hit 3%. This creates a vicious cycle: tariffs drive up price expectations, the Fed becomes hesitant to loosen rates, and Trump only increases the pressure.

But Trump’s strategy goes far beyond tough talk. He’s preparing to nominate Fed Governor Cook, trying to increase his own influence on the seven-member Board of Governors. Three governors are already considered dovish; adding another loyalist could directly change the voting dynamics. The key point is that all regional Fed presidents’ terms expire together in February 2026—giving him a window to reshape the entire Fed power structure.

Now the market is fixated on the December meeting. The Fed has to deal with three thorny issues at once: missing jobs data, unclear inflation trends, and internal division. Meanwhile, Trump has hinted he might announce a new Fed chair nominee within weeks. With timing this precise, it’s hard not to think political factors are seeping into every corner of monetary policy.

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